DEMAND FOR NANOTECH MEDICAL PRODUCTS TO RISE TO $110 BILLION IN 2016
Source: www.fdanews.com
March 22, 2007
Demand for nanotechnology medical products will grow by more than 17 percent annually to reach $53 billion in 2011, according to a recent report from The Freedonia Group. By 2016, new products such as nanodiagnostics, nanotech-based medical supplies and nanomedicines will drive demand to more than $110 billion, the report added.
Advances in nanotechnology will enhance the quality and performance of diagnostic products, the group said. For example, nanosized monoclonal antibody labels and DNA probes will improve the speed, accuracy, capabilities and cost effectiveness of in vitro diagnostic testing.
Nanoparticle formulations of superparamagnetic iron oxide, gadolinium, perfluorocarbon and specialty polymers used for in vivo imaging would allow the detection of tumors, plaque, genetic defects and other diseases at earlier stages and with lower, safer concentrations of injected compounds, the report said.
Freedonia anticipated these performance advantages and the broadening range of nanodiagnostics will increase demand for these products by 8.8 percent per year to reach $8.4 billion in 2011 and $12 billion in 2016.
Nanotechnology will also have greater applicability in medical supplies and devices, the group said, noting that nanomaterials are already used as active ingredients in burn dressings, bone cement, bone substitutes and dental repair and restoration products.
The group predicted that the long-term impact of nanotechnology will include new medical supply and device coatings, as well as new medical implants. In 2011, the market for nanomaterial-based medical supplies and devices is expected to hit $5.2 billion, compared with $400 million in 2006. This figure will reach $16.2 billion in 2016, the group predicted, as nanotech-based orthopedic and cardiac implants and nanocoated medical and surgical instruments are introduced.
In 2006, the five largest nanotech suppliers to the U.S. were Genentech, Johnson & Johnson, Abbott Laboratories, Amgen and Roche, with nearly 60 percent of the $23.6 billion U.S. market.
